Is it ever okay to re-gift a child’s present?

When you first have a baby you can be inundated with gorgeous and generous gifts, but so often they don't get used. Then as they grow up, they usually get totally spoilt on their birthday and sometimes don't really appreciate all the gifts they receive. So is it wrong to keep some of those items aside and regift? Or even give them back to your child at a later date?  

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